Save Article

ICN Sweetens Offer to Acquire
Remainder of Ribapharm Unit

Dow Jones Newswires

Updated Aug. 5, 2003 12:01 a.m. ET

ICN Pharmaceuticals Inc. sweetened its offer to purchase the remainder of its biotechnology unit, Ribapharm Inc., to $187.5 million, or $6.25 a share, as the parent company and its subsidiary apparently resolved differences over ICN's tender offer.

In return, Ribapharm agreed to amend its shareholder-rights plan so it wouldn't apply to ICN's offer. In early June, ICN offered to buy back the 20% of Ribapharm's stock that it doesn't own for $168 million, or $5.60 a share. Ribapharm's board rejected the unsolicited tender offer,...